Feldman sees drop in net income, revenue

Feldman Mall Properties Inc., the minority owner of Colonie Center, reported a net loss of $5 million for the first quarter of 2008, compared to a loss of $900,000 during the same period a year ago.

The company, which has faced criticism for its falling stock price and high costs, has seen revenues drop to $12.8 million for the first quarter of 2008, compared to $14.7 million for the same time period of 2007, according to information the company released today.

Feldman, based in Great Neck, Long Island, bought Colonie Center about three years ago and has invested about $110 million into the property. The real estate investment trust, which buys underperforming malls and rehabilitates them for a future sale, noted that Colonie Center was at stage four of a five-stage process. At stage five, the mall will be around 92 percent occupied and ready to be sold.

At Colonie Center, renovations are pretty much complete. A new 13-screen theater opened last week, and new big tenant draws include P.F. Chang’s China Bistro, Cheesecake Factory, L.L. Bean and Barnes & Noble.